UAA closes higher for the 3rd day in a row
Under Armour Inc. Class A (UAA) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, UAA finished Thursday at 9.89 gaining $0.60 (6.46%) on low volume, slightly outperforming the S&P 500 (6.24%). Closing above Wednesday's high at 9.88, the stock confirmed its breakout through the previous session high after trading up to $0.26 above it intraday.
Daily Candlestick Chart (UAA as at Mar 26, 2020):
Thursday's trading range has been $1.08 (11.56%), that's slightly above the last trading month's daily average range of $1.01. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for UAA.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, UAA gained 1.53% on the following trading day.
While the share is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Its common bullish interpretation has been confirmed for Under Armour. Out of 571 times, UAA closed higher 52.89% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 55.52% with an average market move of 0.89%.